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Morning Coffee Pre-Market Wall Street News

104 views  2013-08-22 07:51

UPS and the University of Virginia Blame Obamacare for Cuts. Both UPS (UPS) and the University of Virginia announced they would end offering medical benefits to family members of employees, blaming Obamacares increased cost as the direct cause. UPS in an announcement said it will cut healthcare benefits for around 15,000 working spouses of employees starting in 2014. The company said that it expects coast to the company due to Obamacare to increase +11.25%. In a memo the company also said that it expects that 35% of companies will also drop coverage of employee spouses.  The University of Virginia announced that they also will be dropping coverage of employee spouses due to direct cost increases due to Obamacare. The University said that it expects to pay $7.3 million more in 2014 due to Obamacare. Additionally, Xerox (XRX) is having employees pay $1,000 if they wish to keep their spouse on their current company medical plan, otherwise the company will be dropping them.

Upgrades:

Microsoft (MSFT): Nomura raised their rating from Neutral to Buy and placed a target price of $38.00 on the company. Pre-market: 32.12 +0.51 (1.61%)

Precision Castparts (PCP): Wells Fargo raised their rating from Market Perform to Outperform and raised their target range from $228.00-$234.00 to $240.00-$248.00.

Downgrades:

Abercrombie & Fitch (ANF): Janney Capital lowered their rating from Buy to Neutral. Pre-market: 37.74 -9.06 (-19.36%)

Target Corp (TGT): ISI Group lowered their rating from Strong Buy to Buy and placed a target price of $70.00 on the company. Pre-market: 65.25 -0.25 (-0.38%)

Target Corp (TGT): William Blair lowered their rating from Market Perform to Undrperform. Pre-market: 65.25 -0.25 (-0.38%)

Coverage Initiated:

Tesla Motors (TSLA): Stifel initiated coverage with a Hold rating. Pre-market: 149.12 +1.26 (0.85%)

Zynga (ZNGA): The Benchmark Co initiated coverage with a Hold rating and a target price of $2.98. Pre-market: 2.77 +0.02 (0.73%)

Earning Reports:

Abercrombie & Fitch (ANF): Reported EPS of $0.16 missing estimates by -$0.12. Pre-market: 37.74 -9.06 (-19.36%)

Children’s Place (PLCE): Reported EPS of -$0.42 beating estimates by +$0.11. Pre-market: 55.87 +4.47 (8.70%)

Dollar Tree (DLTR): Reported EPS of $0.56 missing estimates by -$0.01. Pre-market: 51.45 -0.39 (-0.75%)

Gamestop (GME): Reported EPS of $0.09 beating estimates by +$0.06. Pre-market: 52.40 +4.78 (10.04%)

Hewlett-Packard (HPQ): Reported EPS of $0.86 in-line with estimates. Pre-market: 23.49 -1.89 (-7.45%)

Hormel Foods (HRL): Reported EPS of $0.42 missing estimates by -$0.03. Pre-market: 41.60 -0.51 (-1.21%)

Patterson Companies (PDCO): Reported EPS of $0.46 missing estimates by -$0.03.

Sears Holdings (SHLD): Reported EPS of -$1.46 missing estimates by -$0.34. Pre-market: 40.13 -3.14 (-7.26%)

Markets: 
Futures at 8:09: Dow +0.24%. S&P +0.32%. Nasdaq +0.47%. Crude +0.22% to $104.07. Gold +0.07% to $1371.00. U.S. 10 Year -1/32 2.902%.

Europe: London +0.87%. Paris +0.96%. Frankfurt +1.08%. 

Asia: Japan -0.44% to 13365. Hong Kong +0.36% to 21895. China -0.28% to 2067. India +2.27% to 18313. 

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